Binance Singapore hires former SGX chief regulatory officer as CEO

Crypto exchange Binance has hired the former chief regulatory officer of the Singapore Stock Exchange (SGX) to head the Binance Singapore operation.

Binance said in an announcement on Monday that Richard Teng has joined the firm as the CEO of Binance Singapore, as part of its effort to court global regulatory bodies.

According to the announcement, Teng most recently served as the CEO of Financial Services Regulatory Authority at Abu Dhabi Global Market. Prior to that, he was the chief regulatory officer at the SGX, where he led the regulation division in charge of policy framework relating to listing, trading and clearing activities. 

Teng also worked for 13 years at the Monetary Authority of Singapore, the city state's de facto central bank.

"I look forward to working with the talented team at Binance Singapore in furthering our business growth in a responsive and sustainable manner by meeting the needs of investors, adhering with best practices and complying with regulatory standards," Teng said. "We seek to work closely with industry leaders and policymakers to enhance understanding of this fast growing industry and support its sustainable growth."

The move comes amid mounting regulatory pressure over Binance over the past months from multiple jurisdictions including the U.S., the U.K., Singapore, Hong Kong and European Union countries.

Binance.US, the exchange's partner in the U.S., recently lost Brian Brooks as its CEO. The former Acting Comptroller of the Currency departed the firm just months after his appointment. Binance.US is still trying to raise $100 million round although it is having a tough time locking down investors in the U.S. due to regulatory concerns.